The cryptocurrency XRP faces increasing challenges amidst a broader market decline. Expert Peter Brandt shares his insights on the token's outlook.
XRP Prospects and Technical Analysis
Veteran trader Peter Brandt has issued a negative forecast for XRP, indicating the development of a descending triangle pattern that often signals further price declines.
Critical Support at $2.78
XRP has been fluctuating around the key support level of $2.78. Brandt emphasizes that failure to hold this level may result in a sharp price drop, with potential targets at $2.4 and $1.9.
Overall Market Condition
Having dropped 24% from its peak, XRP is struggling amid a broader downturn in the cryptocurrency market. Bitcoin has also fallen below $109,000, indicating weak sentiment among investors overall.
In light of Peter Brandt's analysis, XRP appears to remain under pressure, with the $2.78 support level becoming critical for future price movement.
